- Stocks to open higher after bullish week
- Gold touches highs near $1,819 on Monday morning
- Ether rallies above $4,700 as BTC eyes a run to $66k
- Tesla and AMD among stocks to watch today
Wall Street is eyeing a higher opening across the stock markets after last week’s bullish close. The S&P 500, Dow Jones Industrials, and Nasdaq 100 are all at new peaks. The S&P 500 Index climbed 0.37%, while the Dow Jones Industrials Index and Nasdaq 100 edged +0.57%and +0.08% respectively.
On Friday, the European Central Bank added to the Fed’s and Bank of England’s dovish outlook on inflation, noting that the global economy is likely to refresh for a recovery in 2022. With this stance across central banks, the market is more confident over new gains as the earnings season continues and consumer spending increases.
Spot gold touches 2-month high
Gold price has climbed to its highest level in two months, with sentiment bullish for the precious metal following encouraging news from the US and UK central banks.
Spot gold rose 0.2% on Monday morning to $1,820.20 per ounce; it’s the highest price since early September. The precious metal gained the upside momentum from a flat US dollar, with safe-haven holders buoyed by the low cost of holding the commodity.
Elsewhere, spot silver is up 0.3% to $24.26 per ounce, while investors are also seeing gains on platinum and palladium.
Crypto rally pushes Ethereum and Bitcoin higher
Ethereum price has risen to a record $4,782.42 on Monday morning, rallying to the landmark price level after adding 4% in 24 hours and 10% in a week. The upside comes as crypto market capitalisation hit $3 trillion for the first time, surging by over 4.2%.
Ether prices are up 33% since early October and more than 900% over the past year, data from CoinGecko shows.
Recently, Real Vision CEO Raoul Pal noted that Ethereum could lead the crypto market in a new bull phase; with a likely approval of an ETH exchange-traded fund and proof-of-stake switch the potential catalysts.
Meanwhile, Bitcoin has gained over 6% in the past 24 hours as bulls target the all-time high of $67,277 reached on 20 October. The flagship crypto has touched an intraday high of $66,362 and could soon hit a new peak as capital inflows in crypto surge following recent positive news from regulators.
Tesla and AMD among stocks to watch this week
Tesla (NASDAQ: TSLA) is likely to see some sell-off pressure after Elon Musk ran a Twitter poll on whether or not to sell 10% of TSLA stock. The poll saw over 50% ask the billionaire to follow through with the results, days after reports emerged regarding the Tesla CEO’s $15 billion tax bill liable on his stock options.
Investors in AMD (NASDAQ: AMD) will also be watching out for a possible move in the stock. The company is holding its Accelerated Data Center event today, with highlights of new processor releases. The AMD stock price previously saw upside on the back of the event, with share prices increasing by 2% in past events.